One of the world’s most well-known luxury fashion houses is undergoing a selection of changes to help them reaffirm their place in the industry.
Prada has announced two significant changes to their business strategies as a way to attract and retain high profile customers.
The first announcement was their plan to reduce their existing wholesale channels dramatically. The move, according to the brand, is a way of gaining more direct control over pricing. This is a strategy which has been adopted by various luxury brands as a way to keep pricing relative with tech giant Apple making their own cull several years ago.
“The Prada Group considers it essential to ensure greater consistency in pricing policies across retail and digital channels,” said Carlo Mazzi, chairman of the company, in a statement.
According to Mazzi, a close analysis of their wholesale channels found that they have become increasingly complex and fragmented, resulting in a less than desirable variation in pricing strategies.
“This strategic review is intended to further strengthen the Prada Group brands with the aim of supporting sustainable long-term growth,” he continued.
Details have not been released as to how the brand will begin culling their wholesale list, but it has been speculated that online retailers may be the most heavily affected by the move.
The second announcement made by the label was their move to eliminate fur from their designs, jumping on the animal-friendly bandwagon. Prada will be joining the likes of Gucci, Versace and Chanel in the fight against the fashion industry’s exploitation of animals.
Creative director of the brand, Miuccia Prada released a statement explaining their decision to transition into a fur-free brand. “Prada will be focusing on innovative materials will allow the company to explore new boundaries of creative design while meeting the demand for ethical products,” explained Prada, as they are “committed to innovation and social responsibility, and this is an extension of that engagement.”
The brand’s new promise will come into effect as of their spring 2020 womenswear range.
While many are praising the brand’s move to fur-free as it is very much in keeping with the industry’s recent actions, others have been critical or the narrowminded approach to ethical production.
“I am surprised that a brand [that is focused] on sustainability is banning a natural product like fur,” said Mark Oaten, chief executive of the International Fur Federation. “ow Prada customers will only have plastic fur as an option, which is bad for the planet. I urge Prada to think again and trust its own consumers to decide if they want to buy real or fake fur.”
With external responses aside, Prada is making significant steps to gain favour with their consumers -from embracing ethical trends to making steps to ensure price consistency.
